Mixed action in key metals - ANZ

Analysts at ANZ noted the action at the start of the week of the key base metals for the Aussie and Chinese markets. 

Key Quotes:

"Base metals were unchanged, with the London Metal Exchange closed due to a public holiday. However, copper on the Comex was stronger after economic data in China buoyed sentiment. This was on the back of better than expected commodity trade data which showed strong gains in imports of copper into China.

The fall in iron ore prices continued unabated as sentiment in the steel market in China remained weak. Steel rebar futures extended the losses from last week, falling another 1% yesterday. Data showed steel production remained strong in China. Steel output in March hit a record 72 million tonnes, up 1.8% from a year ago. That brought the Q1 total to 201.1 million tonnes, up 4.6% y/y."